BRICS' growing export share: Can local currency trade succeed?
25 Jun '24
78 min read
BRICS' growing export share: Can local currency trade succeed?
Insights
US Fed's rate hikes have forced developing economies to raise their rates, leading BRICS to explore local currency trade to reduce dependence on US dollar.
With new members joining, BRICS's global export share has risen.
China dominates this bloc, but trade in local currencies faces challenges like currency convertibility and geopolitical issues.
US Fed's rate hikes have forced developing economies to raise their rates, leading BRICS to explore local currency trade to reduce dependence on US dollar.
With new members joining, BRICS's global export share has risen.
China dominates this bloc, but trade in local currencies faces challenges like currency convertibility and geopolitical issues.
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